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Carfinance247 says Christmas means less deposit for a new car

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Customer data* from Carfinance247 has revealed how car buying habits can change month on month (MOM).

The online car finance specialist compared data from October 2013 against data from last month to see if there were any major differences that may be influenced by the time of the year (such as with Christmas coming up, people have less to spend, or with bad weather approaching they were looking for a more suitable vehicle etc).

The study highlighted:

FINANCES

  • the amount of finance requested dropped by 8% MOM from £8575 to £7860 (-9% males and -4% females);
  • the average deposit dropped by 17% MOM from £1138 to £946 (-13% males, -23% females);
  • overall, male motorists paid a 40% higher deposit than their female counterparts;
  • Volkswagen (VW) saw a 32% drop MOM with 41% fewer males financing VW’s in November compared to October;
  • there was a 21% increase in people requesting car finance for a BMW with a 167% rise in females buying BMW on finance MOM compared to just a 6% increase in males;
  • there was a 26% drop in Audi bought on finance, with 32% fewer males requesting finance for an Audi month on month. Females were consistent.

CHOICE OF CAR

  • there was no change to the top three choice of car manufacturers (Vauxhall, Ford and BMW) but Peugeot replaced VW as the number four car choice in November. Audi remained at fifth place for both months.
  • Honda moved up 10 places to become 8th most financed manufacturer in Nov (+216% increase) with males opting for sporty Honda Civic Type R, Civic Type S and Civic Sport.

Ends

* Carfinance247 customer data from October 2013 and November 2013

Contact:

Emily Henshall, Marketing Manager, Carfinance247.co.uk, telephone: 0800 019 7180 or email: emily.henshall@carfinance247.co.uk

About us:

Founded in 2000, carfinance247.co.uk is a privately owned business with offices based in central Manchester. We provide vehicle financing solutions for all financial circumstances such as hire purchase, personal contract purchase, contract hire and other leasing options. No deposit is required and we give you the choice of buying any car from any dealer nationwide. Or, if you prefer, we can supply and deliver any make and model of your choice.

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volkswagen BMW Peugeot Christmas carfinance247 wwwcarfinance247couk second hand cars car loans popular cars

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Quick facts

• the amount of finance requested dropped by 8% MOM from £8575 to £7860 (-9% males and -4% females); • the average deposit dropped by 17% MOM from £1138 to £946 (-13% males, -23% females); • overall, male motorists paid a 40% higher deposit than their female counterparts;
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• Honda moved up 10 places to become 8th most financed manufacturer in Nov (+216% increase) with males opting for sporty Honda Civic Type R, Civic Type S and Civic Sport
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• there was no change to the top three choice of car manufacturers (Vauxhall, Ford and BMW) but Peugeot replaced VW as the number four car choice in November. Audi remained at fifth place for both months.
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Quotes

We compared data from October 2013 against data from last month to see if there were any major differences that may be influenced by the time of the year
Emily Henshall, Marketing Manager, Carfinance247.co.uk